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Trade Setups for May 20, 2010

Its a horrible morning to be a bull or heavily long on anything heading into the open, as Wall Street is taking a major walloping! Right now futures are down as much as 2% in the S&P. This has the feel of being one of those days where perhaps the bulls finally throw in the towel and as a result panic ensues on the trading floor. We shall soon find out!

Jobless claims came in this morning, and did nothing but disappoint, seeing an increase in claims rather than the much expected decrease.

I've tightened my stops in NATI, SPY and QQQQ this morning by about 1% on each. Should today be a watershed trading session, than I will likely be taking profits in much of my current holdings.